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Your company's beginning inventory was $55,000. The ending inventory is $65,000. Merchandise purchases for the current year are $260,000. Freight in costs are $6,000.
Your company's beginning inventory was $55,000. The ending inventory is $65,000. Merchandise purchases for the current year are $260,000. Freight in costs are $6,000. There were $2,000 in cash discounts and $7,000 of purchases returns. What are the net purchases? What is the COGS?
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Financial Accounting
Authors: Belverd E. Needles, Marian Powers
11th edition
1133769314, 053847601X, 9781133715023, 978-1133769316, 1133715028, 978-0538476010
